I enjoyed a mental reset on Saturday – instead of looking at charts I went to the gym and completely ripped the place up for some much needed stress relief. In the evening I took a hot date to see the new Start Trek movie, which IMNSHO totally kicked ass – and that’s coming from an old Treki.
Today I feel completely refreshed and energized and am really looking forward to Monday. Something many of you might be surprised to hear after last week’s drama and internal tensions. What you should know about me is that I had a fairly tough upbringing as a kid and thus I had the luxury of developing a certain mental fortitude. Having studied martial arts [...]
I like to take this opportunity to say thank you to Mole for all the time and efforts that he has put it in. I have seen enough negative/hostile comments this week, and negative energy is contagious. As I said before, 85% of trading is psychological and anyone with negative thoughts are destined to fail.
Taking a loss is a part of the game, and if people cannot handle the loss and mentally affected, they probably shouldn’t have taken the trade in the first place.
Everybody gets what they want from the market. Negative people get negative thoughts, and positive people get positive thoughts. That’s all there to it. Nothing [...]
Alright – this week has taken enough of me – I’m in cash now – obviously:
I had an ominous feeling all day as the Zero Lite was completely flat – an indication that the buyers were waiting for the EOD. As the final hour drew near I kept seeing the tape creep higher and higher but selling pressure was tepid and intermittent at best. We finished the month higher again – third in a row now.
What’s sad about having to exit here is that today was obvious tape painting and I know that we will drop from here sometime next week. However, the EWT rules are quite clear and today sealed the fate on Soylent Blue and brought Green [...]
3:09pm EDT: As Fujisan pointed out the other day – we’re not going anywhere until we break away from this damn sideways 880/930 channel we’ve been stuck in for the past three weeks:
My concern is that we are consolidating sideways here just like we did last month prior to the final push to the 930 high. Of course for us option traders this is pure hell unless you had the foresight to buy either spreads or butterflies.
Anyway, I have reached the point where I really don’t care anymore – even if my line gets breached. I actually almost look forward to it happening as I can’t stand the whipsaw or the theta burn anymore. However, [...]